ACC 205 NEW your Dreams Our Mission/uophelp.com

# ACC 205 NEW your Dreams Our Mission/uophelp.com

## ACC 205 NEW your Dreams Our Mission/uophelp.com

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1. ACC 205 NEW your Dreams Our Mission/uophelp.com For more course tutorials visit www.uophelp.com

2. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 1 Assignment Student Guidance Report For more course tutorials visit www.uophelp.com Exercises 2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: a. Determine Rossi's total assets as of December 31. b. Determine the company's total liabilities as of December 31. c. Compute 20X3 net income or loss.

3. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz For more course tutorials visit www.uophelp.com ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz 1. In accounting the concept of materiality refers to ________________. Question 2. 2. Typically accounting transactions are recorded and reported at _______________. Question 3. 3. The accounting equation is ____________________________. Question 4. 4. An accountant should be able to work in the profession in the ___________________. Question 5. 5. In accounting, a debit means ________________________.

4. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 1 DQ 1 Accounting Equation (New) For more course tutorials visit www.uophelp.com As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. Guided Response: Review several of your peers’ postings and identify some core components that you feel should be included in every transaction. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate or add components to their transactions.

5. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 1 DQ 2 Accounts (New) For more course tutorials visit www.uophelp.com What does the term “account” mean? What are the different classifications of accounts? How do the rules for Debits and Credits impact accounts? Please provide an example of how debits and credits impact accounts. Guided Response: Analyze several of your peers’ postings. Let at least two of your peers know if this knowledge could be used in their everyday lives. Is so, how? If not, why not?

6. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 1 Journal Balance Sheet Journal (New) For more course tutorials visit www.uophelp.com Balance Sheet Journal The Balance Sheet is a financial snap shot of a company at a particular point in time. The Balance Sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet? What did you learn from this reflection? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

7. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 2 Assignment Student Guidance Report For more course tutorials visit www.uophelp.com Exercise 4 4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay \$125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February. Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and \$72,000 was paid for the rights to use the boat for 2 full years.

8. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 2 Chapter 3,4 Quiz and Video Quiz For more course tutorials visit www.uophelp.com ACC 205 Week 2 Chapter 3,4 Quiz and Video Quiz 1. The accrual basis of accounting means_______________________. Question 2. 2. Under accrual basis accounting revenue is not recognized until _________________. Question 3. 3. The matching principle states ______________________________. Question 4. 4. Adjusting entries apply to ___________________________.

9. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 2 DQ 1 Accounting Cycle (New) For more course tutorials visit www.uophelp.com Financial statements are a product of the accounting cycle. Think about two different companies, one a manufacturing company, the other a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not? Guided Response: Review several of your peers’ postings and identify what steps of the accounting cycle that you feel are the most critical. Respond to at least

10. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 2 DQ 2 Bank Reconciliation (New) For more course tutorials visit www.uophelp.com What is the purpose of a bank reconciliation? What are the reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ postings. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off. Guided Response: A bank reconciliation reconciles the bank account balance per the books to the actual bank balance. Outstanding checks, deposits in transit, and bank errors are reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements.

11. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 3 Assignment Student Guidance Report For more course tutorials visit www.uophelp.com Chapter 5, Exercise 1 Inventory errors and income measurement. The income statements of Keagle Company for 20X3 and 20X4 follow. 20X3 20X4 Sales \$100,000 \$109,000 Cost of goods sold 62,000 74,000 Gross profit 38,000 35,000 Expenses 26,000 22,000 Net income \$12,000 \$ 13,000 A recent review of the accounting records discovered that the 20X3 ending inventory had been understated by \$4,000.

12. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 3 Chapter 5,6 Quiz and Video Quiz For more course tutorials visit www.uophelp.com ACC 205 Week 3 Chapter 5,6 Quiz and Video Quiz 1. Gross Profit is ___________________. Question 2. 2. All of the following are considered part of inventory cost except__________. Question 3. 3. In a period of rising raw material costs the inventory cost flow assumption that will provide the firm with the highest net income would be _______________________. Question 4. 4. A physical inventory ______________________. Question 5. 5. Property, Plant, and Equipment normally includes all of the following except ___________. Question 6. 6. All of the following costs would be included in the cost of a piece of equipment purchased except _________________.

13. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New) For more course tutorials visit www.uophelp.com The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? Guided Response: Analyze several of your peers’ postings. Let at least two of your peers know if a company is better off it switches from a LIFO method to a FIFO method? Why or why not?

14. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 3 DQ 2 Depreciation (New) For more course tutorials visit www.uophelp.com benefited by the use of the asset. Your client has just purchased a piece of equipment for \$100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method? Guided Response: Let at least two of your peers know if a company would use an accelerated depreciation method for their financial statements or their tax returns. Why do you believe this would be the case?

15. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 3 Journal Inventory Journal (New) For more course tutorials visit www.uophelp.com Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

16. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 4 Assignment Student Guidance Report For more course tutorials visit www.uophelp.com Chapter 7 Exercise 2 and 4 2. Accrued liability: current portion of long-term debt. On July 1, 20X1, Hall Company borrowed \$225,000 via a long-term loan. Terms of the loan require that Hall pay interest and \$75,000 of principal on July 1, 20X2, 20X3, and 20X4. The unpaid balance of the loan accrues interest at the rate of 10% per year. Hall has a December 31 year-end. a. Compute Hall's accrued interest as of December 31, 20X1. b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1. c. Repeat parts (a) and (b) using a date

17. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz For more course tutorials visit www.uophelp.com ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz 1. Current Liabilities are _____________________________. (Points : 1) Question 2. 2. The Unearned Revenue account is used to record ____________________. (Points : 1) Question 3. 3. A contingent liability like a lawsuit is required to be recorded when the probability of an unfavorable outcome is __________________. (Points : 1) Question 4. 4. An employer is required to match certain payroll taxes like ________________. (Points : 1)

18. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 4 DQ 1 Current Liability (New) For more course tutorials visit www.uophelp.com What is a current liability? From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities? Based on your current experience and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability.

20. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 4 Journal Future Obligations Journal (New) For more course tutorials visit www.uophelp.com The current liability section of the balance sheet lists the liabilities that are due within the next 12 months. Reflecting on your current financial situation, apply the concept of current liabilities. What does this analysis tell you about your future obligations? What did you learn from this experience? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry

21. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 5 Chapter 9 Quiz and Video Quiz For more course tutorials visit www.uophelp.com Question 1. 1. Common-size financial statements means___________________. Question 2. 2. Vertical analysis of a financial statement involves_______________. Question 3. 3. Horizontal analysis of a financial statement involves______________. Question 4. 4. Which of the following would not be considered a liquidity ratio? Question 5. 5. Which of the following would not be considered a debt service ratio? Question 6. 6. Turnover analysis indicates______________. Question 7. 7. Gross profit margin_________________. Question 8. 8. Earnings per share (EPS) is considered to be________________.

22. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 5 DQ 1 (New) For more course tutorials visit www.uophelp.com ACC 205 Week 5 DQ 1

23. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 5 DQ 2 (New) For more course tutorials visit www.uophelp.com ACC 205 Week 5 DQ 2

24. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 5 Final Paper Paper (Walmart, Qualcomm) (2 Papers) For more course tutorials visit www.uophelp.com This Tutorial contains 2 Papers Paper 1: Walmart Paper 2: Qualcomm Final Paper Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions

25. ACC 205 NEW your Dreams Our Mission/uophelp.com ACC 205 Week 5 Journal Most Important Ratio Journal (New) For more course tutorials visit www.uophelp.com Most Important Ratio Journal Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position. Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

26. ACC 205 NEW your Dreams Our Mission/uophelp.com For more course tutorials visit www.uophelp.com